Pepperstone Forex

I'm just waiting for funding to hit my account hopefully today or tomorrow to go live. I have to say, spreads look simply amazing. I'm will also be using MBT so will give a comparison soon. Given that pepperstone only seem to have mt4 as a platform i'm expecting that their execution wont be as good, hopefully the spreads can make up for it

I'm still waiting for my wire to go through, have just been visually monitoring spreads in the meantime against MBT and they definitely look tighter on at pepperstone (not that i'm complaining about mbt, spreads are execellent except for aud/usd).

My worry is execution. Every broker i've used with mt4 has slow execution and worse slippage on stops and market orders than other platforms. Mt4 is a brokers platform not a traders platform in my opinion. So my verdict won't be out until i've got some trades though. It's a pity they don't have any other platforms, hopefully they will at some stage. They have a web based one which just appears to be a web based mt4

Last thursday I put on a trade and a few mins later tried to adjust my stop. Kept saying 'Trade Disabled' in my mt4 error log.

I tried to call their emergency help line, got no response

ended up with a 5% loss, but had I been able to move my stop, would've been a 4.5 profit.

I managed to call the next day, they apologised for the phone line, turns out it wasn't connected properly. They gave me back my 5% loss but not the 4.5% profit.

They said they'd investigate about why the trade was disabled. I got an email a day later saying it might be that an EA did it. I explained I was adjusting the trade manually, not with an EA. They're still insisting its the result of an EA/script.

So my account is funded, only executed about 4 trades so far during asian session. Already seeing clear positives and negatives:

Positives

These are definitely the best spreads i've seen on a retail platform by far. better than MB Trading and Gomarkets which are the lowest spread brokers i've used previously. Not just a little bit better either and this is with commision taken into consideration (slippage not considered).

Negatives

Don't know if this is the broker or just typical MT4, execution is alot slower than MB Trading, were talking about 2 seconds (I am in Melbourne where brokers office is based).
More slippage than MBT so far (nothing too significant as of yet and hard to tell after 4 trades)

I don't use limit orders much, so haven't taken paid limit orders with MBT into consideration

Last thursday I put on a trade and a few mins later tried to adjust my stop. Kept saying 'Trade Disabled' in my mt4 error log.

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I've had this issuse at least once with probably every broker i've used. So not sure if changing brokers will solve it, if it doesn't happen often and if they credit back loss wouldn't worry about it too much. Means you are effectively getting freeroll on your trade.

edit: didn't read your whole post properly, if they are not answering calls on the desk, this could obviously be a big problem

I've had this issuse at least once with probably every broker i've used. So not sure if changing brokers will solve it, if it doesn't happen often and if they credit back loss wouldn't worry about it too much. Means you are effectively getting freeroll on your trade.

edit: didn't read your whole post properly, if they are not answering calls on the desk, this could obviously be a big problem

I thought for a whlie that pepperstone was a WL of axi, but I think they use the same feed for their retail (not razor account) seems like they are using integral or something similar for their pricing.

Being a new place I have hesitations about cusomter service and the likes, but really, once you have an account and you can trade how often do you talk to anyone? being ASIC licenced even via auth rep means they need to have good cash and cash in reserves to hold client money etc so I have no problems putting my money with them.

I really don't get it how people can trade with a broker that has a commission of 73,8 $/million and still think they had a great deal. There are brokers that have commission far less than 73$ RT. Of course, they require at least 10.000$ and offer a quarter of the leverage that PepperStone has but then we're talking money.

(not razor account) seems like they are using integral or something similar for their pricing.

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I hear they bridge mt4 to integral too.

i've only spoke to them a couple of times and customer service was good, keep in mind that their office and live chat is only open during australian business hours. Phone support would be 24 hours i assume

They are not a scalpers broker, slow execution and my main concern cannot place limit or stop orders within 3 pips of price which is a bit weird for an "ECN"???

Other than that everything else has been good, still the best spreads i have seen (make up for the expensive commision). Maybe if they had another choice of platform some of the issues could be fixed, then again maybe that is why they only offer mt4

They are not a scalpers broker, slow execution and my main concern cannot place limit or stop orders within 3 pips of price which is a bit weird for an "ECN"???

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Just wanted to correct this, execution has been alot faster the last couple of days, not sure if i had a server issue or something on the first couple of days.

limit and stops cannot be within 2 pips of bid/offer, not 3 like i said previously. Still, shouldn't i be able to place a limit between the spread with an ecn?

No real complaints, spreads are good and make up for the expensive commision. Only negative thing i can say is the platform has stopped a couple of times for a few minutes (missing bars for the time it stopped etc) but i've had this issue with every broker i've used

I really don't get it how people can trade with a broker that has a commission of 73,8 $/million and still think they had a great deal. There are brokers that have commission far less than 73$ RT. Of course, they require at least 10.000$ and offer a quarter of the leverage that PepperStone has but then we're talking money.

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Spreads + commisions are still better than other RETAIL brokers from what i've seen.

When i'm keeping more than $20k online obviously will take my business somewhere else, probably london capital group (think they are about $32 RT) with choice of fxall/hotspot/currenex/integral/EBS. Right now i can't afford to keep $20k in an account, need about another 4 months!

Hi, anybody has any feedback about that new platform to be implemented during mid September?

Many thanks

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I haven't heard anything about it since a customer support rep mentioned it to me (when I posted about it in this thread), I also haven't asked. Hopefully it's still going ahead and is not too far off, I hate mt4 execution